Individual Retirement Arrangements (IRAs)

IRA distributions are reported on Form 1099-R with a check in box 7. Earnings and investment gains in a taxpayer's IRA generally accumulate tax-free or tax-deferred until they are withdrawn as fully or partially taxable distributions.

There are four kinds of IRAs, each with different tax implications:

• Traditional IRA
• Roth IRA
• Savings Incentive Match Plans for Employees (SIMPLE) IRA
• Simplified Employee Pension (SEP) IRA